Cryptocurrency analysis firm QCP Capital has highlighted the stark differences between the stock market and the cryptocurrency sector.
QCP Capital said in its latest statement that there was "unusual optimism" in the market, with US stocks reaching record highs and Asian stocks largely in the green. This optimism is driven by expectations of an impending interest rate cut and a soft landing for the economy.
However, QCP Capital noted that there are still signs of nervousness, with the options market in particular pricing in a 1% swing in the S&P 500 based on Fed Chair Powell’s upcoming Jackson Hole speech.
On the other hand, the cryptocurrency market is experiencing a significant downtrend. QCP Capital noted that Bitcoin’s recurring funding rate fell to -13% over the weekend, the lowest level since 2022. In addition, the firm warned that the market may have overlooked the potential for further unraveling of the USD/JPY carry trade. Bloomberg reports show that funds such as Vanguard are increasing their expectations for additional interest rate hikes from the Bank of Japan (BOJ). QCP Capital suggested that this could be a catalyst for another downward move in various markets.
Regarding the cryptocurrency market, QCP Capital commented:
“We remain constructive and bullish heading into the year. Particularly encouraging is the market’s resilience to the ‘supply shock’ headlines for both Bitcoin and Ethereum this week.”
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